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11-08-2012, 17:55
PurpleStream gets funding from Hub Media & Mercatus Capital Louise Duffy | 10-08-2012 Indian video content provider PurpleStream has received its first round of funding from Mercatus Capital and Hub Media Group. The Chennai-based company is also moving its headquarters from India to Singapore for the global launch of PurpleCloud, its broadband video delivery platform. The funding (at present the amount has not been disclosed) will be used to scale up the company's go-to-market strategy and further product development. Karthik Subramanian, founder and CEO of PurpleStream, said: "Currently, we are developing a suite of new products which will enable 'live' broadcasting over broadband. While corporations can leverage these for things like worldwide product launch, one can also broadcast private events like marriage." Hub Media CEO Kevin Balhetchet said: "This strategic investment in PurpleStream gives Hub Media access to a broadband content delivery platform through which we can bring value-added services to our customers. We have already started working with PurpleStream on several projects in Hong Kong, Malaysia, the Philippines, Indonesia and Mexico for the delivery of TV shows and movies across multiple territories."